Journal of the Korea Academia-Industrial cooperation Society (한국산학기술학회논문지)

  • 제19권9호
  • /
  • Pages.100-107
  • /
  • 2018
  • /
  • 1975-4701(pISSN)
  • /
  • 2288-4688(eISSN)
The Korea Academia-Industrial cooperation Society (한국산학기술학회)
권호 표지
DOI QR코드

DOI QR Code

The Effect of Corporate International Diversification on Cost Stickiness

기업의 국제다각화가 하방경직적인 원가행태에 미치는 영향

  • 이창섭 (세종대학교 경영학과) ;
  • 우소희 (우송대학교 앤디컷국제대학 글로벌비즈니스학과) ;
  • 이현정 (중앙대학교 융합교양학부)
  • 투고 : 2018.06.04
  • 심사 : 2018.09.07
  • 발행 : 2018.09.30
Download PDF
⟨ Previous Next ⟩

초록

This study investigated the effect of corporate international diversification on cost stickiness. A cost behavior that indicates a lower rate of cost reduction when the volume of sales decreases than the rate of cost increase when the volume of sales is increased is called cost stickiness. This cost behavior is caused by decisions made by considering the adjusting costs of the manager, and for corporate international diversification, the decision making on the adjustment cost of the manager has been reduced by the offsetting accruals hypothesis. From the empirical results, we observed that the cost stickiness of international diversified companies decreases. It is expected to contribute to the capital market and academia by identifying whether corporate international diversification can have a significant impact on management decision making related to costs.

본 연구는 기업의 국제다각화가 하방경직적인 원가행태에 미치는 영향을 실증적으로 분석하였다. 기업의 활동수준을 나타내는 척도로서 매출액이 증가할 때의 원가증가율보다 매출액이 감소할 때의 원가감소율이 낮게 나타나는 원가행태를 하방경직적인 원가행태라고 부른다. 이러한 원가행태는 경영자의 조정비용을 고려한 의사결정으로 인해 발생하는데 국제다각화 기업의 경우, 발생액 상쇄가설에 따라 경영자의 조정비용에 대한 재량적 의사결정 판단개입이 줄어들 것이라고 판단하였다. 실증분석 결과, 국제다각화 기업이 그렇지 않은 기업보다 원가의 하방경직성이 완화되었음이 관찰되었다. 본 연구는 기업의 국제다각화가 경영자의 원가에 관련된 의사결정에 유의한 영향을 줄 수 있는 가를 검증함으로서 자본시장과 학계에 공헌할 것으로 기대된다.

키워드

참고문헌

  1. E. Norren, N. Soderstrom, "The Accuracy of Proportional Cost Models: Evidence from Hospital Service Departments", Review of Accounting Studies, Vol.2, No.1, pp.89-114, 1997. DOI: https://dx.doi.org/10.1023/A:1018325711417
  2. Y. Lee, K. C. Han, "Cost Behavior and Manager Type", Korean Journal of Management Accounting Research, Vol.5, No.2 pp.1-23, 2005.
  3. M. C. Anderson, R. D. Banker, S. N. Janakiraman, "Are Selling, General, and Administrative Costs "Sticky"?", Journal of Accounting Research, Vol.41, No.1 pp.47-63, 2003. DOI: https://dx.doi.org/10.1111/1475-679X.00095
  4. P. Jiraporn, Y. Kim, I. Mathur, "Does corporate diversification exacerbate or mitigate earnings management?: An empirical analysis", International Review of Financial Analysis, Vol.17, No.5, pp.1087-1109, 2008. DOI: https://dx.doi.org/10.1016/j.irfa.2007.10.001
  5. M. Ahn, D. Ko, D. Yang, "The Effect of Firm Internationalization on Discretionary Accounting Choices", Business Education Research, Vol.27, No.2 pp99-125, 2012.
  6. C. H. Chen, H. Lu, T. Sougiannis, "The Agency Problem, Corporate Governance, and the Asymmetrical Behavior of Selling, General, and Administrative Costs", Contemporary Accounting Research, Vol.29, No.1 pp.252-282, 2012. DOI: https://dx.doi.org/10.1111/j.1911-3846.2011.01094.x
  7. J. Koo, "The Effect of Corporate Governance on the Asymmetric Cost Behavior : Focusing on Managers's Ownership, Foreign Investors's Ownership and Institutional Investors's Ownership", Korean Journal of Management Accounting Research, Vol.11, No.1 pp.1-35, 2011.
  8. H. R. Jung, "Determinants of Asymmetrical Behavior of Manufacturing Costs: Korean Evidence", Accounting Information Review, Vol.25, No.3 pp.1-28, 2007.
  9. B. Kogut, "Foreign Direct Investment as a Sequential Process", In: Kindleberger, C., Audretsch, A. The Multination Corporation in the 1980s. MIT Press. Cambridge. MA. 1983.
  10. S. Yoon, "A Study on the Impact of International Diversification on Firms' R&D intensity", Korea International Accounting Review, Vol.60, pp.257-280, April 2015.
  11. W. R. Kinney Jr., "Covariability of Segment Earnings and Multisegment Company Return", The Accounting Review, Vol.47, No.1, pp.339-345, 1972.
  12. S. E. Christophe, R. J. Pfeiffer Jr., "The Valuation of MNC International Operations During the 1990s", Review of Quantitative Finance and Accounting, Vol.18, No.2 pp.119-138, 2002. DOI: https://dx.doi.org/10.1023/A:1014513001321
  13. J. Lee, "International Diversification, Product Diversification, Organizational Learning, Their Interactions, and Firm Value", Korean Management Review, Vol.32, No.5 pp.1291-1315, 2003.
  14. B. Kogut, "Designing global strategies: profiting from operation flexibility", Sloan Management Review, Vol.27, No.1 pp.27-38, 1985. DOI: https://dx.doi.org/10.1002/tie.5060280105
  15. D. J. Denis, D. K. Denis, K. Yost, "Global Diversification, Industrial Diversification, and Firm Value", The Journal of Finance, Vol.57, No.5 pp.1951-1979, 2002. DOI: https://dx.doi.org/10.1111/0022-1082.00485
  16. M. Kim, H. An, J. Kim, "The Impact of International Diversification on Value Relevance of Earnings", Korean Accounting Review, Vol.37, No.4 pp.157-193, 2012.